MPs' pay and pensions home
Parliament has now put an end to the situation whereby MPs decide their own pay and pension arrangements – giving IPSA the powers to decide. For the first time, an independent body has settled these issues.
Following two public consultations, IPSA has published its final report on MPs’ pay and pensions.
We have decided on a modern, professional package for MPs, with the following elements:
• a salary of £74,000 in 2015, indexed to changes in average earnings in the whole economy thereafter;
• a new pension on a par with those in other parts of the public service, saving the taxpayer millions;
• scrapping out-of-touch “resettlement payments” worth tens of thousands of pound per MP and introducing more modest, modern redundancy packages, available only to those who contest their seat and lose; and
• a tighter regime of business costs and expenses – ending the provision for things such as evening meals.
Taken together, these changes will not increase costs to the taxpayer when they are introduced following the 2015 general election.
Additionally, IPSA will give MPs the opportunity produce an annual report to sit alongside our reporting of business cost and expense claims.
MPs’ annual salary is £67,060 for 2014-15, following a 1% increase on 1 April 2014.
IPSA’s press release announcing the final report on MPs’ pay and pensions
IPSA’s final report on MPs’ pay and pensions
MPs' Pensions Scheme - The Great Officers of State
Selected consultation responses:
- HM Government
- The Speaker
- 1922 Committee
- Parliamentary Labour Party
- The Hansard Society
- Parliamentary Contributory Pension Fund Trustees
Public opinion research on:
- IPSA’s recommendation on reporting by MPs
- IPSA’s recommended remuneration package for MPs
A summary paper we published in 2012 when we began our work
IPSA’s first report, which framed our work developing the final recommendations
We also surveyed the public and MPs
Government Actuary Advice - costing transitional protection
Government Actuary Advice - effect of MP pay rise
MPs' Pay and Pension Background
MPs' Pay and Pensions Consultation 2012
Full consultation document for 2012
Reviewing MPs' Pay and Pensions (January 2013)